I've heard this many times from many college stations, most recently Rice and Vanderbilt. "The kids," as you put it, are not in a position to make that demand. Even though they pay the fee, they're not responsible. You state there were three years when the station lost money. There were many opportunities during three years for "the kids" to take matters into their own hands, and maybe open the door to listener contributions. Did that happen? Even if it did, there needs to be an adult who represents "the kids" in this matter.
In any case it's too late. You are fortunate that there's an LPFM, and the Brown students will be able to listen to that. It's much better than what the Rice and Vanderbilt students got.